Paying in large amounts of cash

GingerBob_3

Goldiegirl wrote: »

If you'd said that to me at my till, I'd have put in a money laundering report on you, on principle.

Reason, acting suspiciously when asked for the origin of the money.

Believe me, the cashiers aren't asking for the good of their health, and they'd love to tell stroppy customers to f*** off

You seem to have lost sight of who the customer is, which is hardly surprising for a bank. And a so-called "money laundering report" filed on that basis would be malicious to say the least. As far as I'm concerned, it's MY money and you (criminal, e.g. HSBC) banks can go and boil your corporate heads.

Goldiegirl

GingerBob wrote: »

You seem to have lost sight of who the customer is, which is hardly surprising for a bank. And a so-called "money laundering report" filed on that basis would be malicious to say the least. As far as I'm concerned, it's MY money and you (criminal, e.g. HSBC) banks can go and boil your corporate heads.

:rotfl: water off a ducks back to me, mate, I'm retired, the banks are welcome to boil their heads!

BUT, although you may not realise it, these sort of questions are there to protect the customer, to try to prevent their bank being used by criminals

it is a pain, both for customer and cashier, but the cashier is duty bound by law to ask the questions, as failure to report anything that seems suspicious is an offence.

Westie983

BMN wrote: »

20k cash deposit and no questions - yeah right. If that's the case the cashier isn't doing their job properly.

If you look back I have said I would ask if you had sold something but there is no need to record source of funds till a withdrawal is made, please also take notice I used the word unlikely not never...

GingerBob_3

Goldiegirl wrote: »

:rotfl: water off a ducks back to me, mate, I'm retired, the banks are welcome to boil their heads!

BUT, although you may not realise it, these sort of questions are there to protect the customer, to try to prevent their bank being used by criminals

it is a pain, both for customer and cashier, but the cashier is duty bound by law to ask the questions, as failure to report anything that seems suspicious is an offence.

Yes, well. I just got to thinking about your "stroppy" customers. Would these be the ones who pay, or in your case paid, your wages?

Tiddlywinks

GingerBob wrote: »

You seem to have lost sight of who the customer is, which is hardly surprising for a bank. And a so-called "money laundering report" filed on that basis would be malicious to say the least. As far as I'm concerned, it's MY money and you (criminal, e.g. HSBC) banks can go and boil your corporate heads.

No - the banks actually need to 'know their customer' as required in the money laundering legislation.

The banks don't choose to ask these questions - the law requires it.

http://www.fsa.gov.uk/pubs/discussion/dp22.pdf

Instead of showing your ignorance of this subject, why not read a little about it.

jimjames

GingerBob wrote: »

Yes, well. I just got to thinking about your "stroppy" customers. Would these be the ones who pay, or in your case paid, your wages?

Just because someone effectively pays your wages doesn't mean they're not stroppy. I'm sure anyone working in retail has experienced that. "The customer thinks they are always right"

Ballard

GingerBob wrote: »

You seem to have lost sight of who the customer is, which is hardly surprising for a bank. And a so-called "money laundering report" filed on that basis would be malicious to say the least. As far as I'm concerned, it's MY money and you (criminal, e.g. HSBC) banks can go and boil your corporate heads.

I work in a bank (although not one that you are likely to have heard of) and agree with Goldiegirl completely. By law bank staff have to report any suspicions that they have about any customers or transactions. Furthermore, ignorance is not a valid excuse. Paying in £10k probably shouldn't be suspicious (depending on the customer's circumstances) but, for example, an unemployed guy paying in £10k a month should ring alarm bells.

A common example given is for a restaurant paying in roughly £10k cash a week. The bank know their customer so this isn't suspicious but suddenly this rises to £20k per week. Now, it's conceivable that all of their customers have stopped using plastic to pay but that's unlikely. There's more of a chance that they're laundering money. Perhaps it's drugs money and the dealer will issue fake invoices to the restaurant so that he receives clean funds.

I'm sure that most posters are fully aware of this but it's probably worth pointing it out to show that banks and their staff aren't suspicious for no reason. They are legally and morally compelled to ask questions.

planteria

Steve_xx wrote: »

....and have they ever asked?

occasionally yes, but never anything too pressing.. have always accepted explanation with no fuss.

planteria

Westie983 wrote: »

..after all people cash in shares, sell property, sell cars etc and this can be in cash....

i've never been paid cash for shares or property. cars & motorbikes though

Steve_xx

planteria wrote: »

occasionally yes, but never anything too pressing.. have always accepted explanation with no fuss.

Yes, I'm sure they accept what you said. However, what do you think would happen if you went in there day after day with 10k purporting the proceeds to have come from the sale of your Jaguar each time?